Nyrstar: Shareholders Demand Appointment of a Provisional Administrator
Nyrstar announced on Friday that it has received a petition for interim measures filed with the Antwerp Court of Commerce by certain shareholders of the company. This request is part of a substantive procedure initiated in 2020 and calls for the appointment of a provisional administrator or an ad hoc curator.
A Petition to Regulate the Management of the Company
The petitioning shareholders are requesting the court to appoint a provisional administrator for a period of twelve months, renewable until a final decision on the merits is obtained. This administrator would be responsible for taking over all management and administrative tasks of Nyrstar, including the signing authority of an administrator, as well as conducting all actions deemed necessary in the interest of the company. They would also be responsible for determining Nyrstar's position in ongoing proceedings and for initiating civil or criminal proceedings deemed useful against responsible third parties, including Trafigura and the auditor. Additionally, the petitioners are requesting the appointment of an ad hoc curator with full authority to conduct legal proceedings in place of the board of directors, to determine the company's position in ongoing cases (including the criminal investigation), and to initiate necessary claims against former administrators and responsible third parties. This curator would also be empowered to decide on the cessation of activities, dissolution, or liquidation of Nyrstar.
A Procedural Context Dating Back Over Six Years
The current petition continues a substantive procedure initiated by a request on May 29, 2020, and introduced in court on November 18, 2020. This procedure was immediately added to the file at the request of the plaintiff shareholders. Nyrstar recalls that similar requests have been made repeatedly since 2019, the most recent being on March 11, 2024. The court then indefinitely postponed these proceedings by order of January 9, 2025. Nyrstar contests the allegations of the petitioning shareholders and will defend its position in court. The company indicates that the cost of the proceedings, including the fees of the provisional administrator or the ad hoc curator, remains at the expense of Nyrstar if the court accepts the requests made.
